In the modern era of accounting, perhaps no topic is more heavily discussed than the talent cycle. It seems like every day there’s a new study about the talent crunch. Online forums for accountants are chock full of posts about professionals who have been or are about to be laid off.

This is a big point of emphasis at TLTurner Group, said CEO Terrell Turner in his presentation at GrowCon 2024. Folks tend to focus on the talent pipeline “drying up,” with many accountants retiring while few students study accounting in college, but Turner has seen the start of the pipeline isn’t the only employment obstacle firms are struggling with.

“For years we’ve been funneling people into the profession, but when they get through the pipeline, there’s nowhere else to go,” Turner said. “Employees will ask, ‘What is my trajectory? What is my growth potential? What can I do afterwards?’ When there aren’t good answers to those questions, people leave.”

Turner realized that there’s a difficult balance to achieve with employees. They need to not only be equipped to handle and enjoy their daily tasks, but do their best when there’s a clearly defined growth path laid out for them that allows them to reach their potential. That means challenging them to do the best they can, because if they’re left to chug along and take care of their responsibilities with little oversight, they’ll likely jump ship when another opportunity arises elsewhere.

That’s why Turner developed the Golden AGE method for firm growth. Instead of giving employees the sink or swim approach, picking one person to train and develop, or evaluating performance purely by the numbers, Turner’s model zeros in on using clear criteria to evaluate employees with room for them to grow.

Turner presented his Golden AGE method on May 7 at GrowCon 2024, held at the Southbank Hotel in Jakcsonville, Florida.

If you weren’t able to join us in Florida, then don’t stress. Today, we’ll look at the highlights from Turner’s presentation. If you’d like to hear his, and the other 12 presenters from GrowCon 2024, talk in full, you can access the full presentations from both days of GrowCon here.

Let’s take a look at some of the key concepts from Turner’s Golden AGE method:

Average, Good, and Excellent

AGE is an acronym for performance evaluation. At the end of each month, Turner’s company uses a rubric to measure employee performance on a scale from “Average,” “Good,” and “Excellent.”

Turner used a bookkeeper as an example for how the evaluation model works: the Average capacity at his firm is to prepare the books for 15 clients a month, with the expectation to deliver reports on time, and with an accuracy rating at 75%. Good performance would be slightly above average, so: preparing the books for 20 clients per month, one day before close (rather than right on time) and 80% accurate. Excellent is 25 per month, three days before close and 90+% accurate.

Laying out what’s expected of employees with such a clearly defined rubric has been a powerful learning experience, Turner said. There are performance incentives for those who achieve above the “average” level, and it makes it very clear to those who are underperforming that they need closer analysis.

Perhaps an employee who is performing below the average standard is misunderstanding a fundamental process, or is dealing with something outside of work. Turner said that the only way to know if an employee can do better is to work with them directly.  If there is a technical problem to be addressed, it can be easily fixed by spending some time with a senior employee to mentor them, he said.

Rowing the Same Direction

Turner found that before they installed the Golden AGE method, employees would spend far too much time doing tasks that didn’t contribute much to the overall mission of the company. It’s hard to be frustrated at these employees if they don’t have a clear definition of what’s expected of them.

Especially in the accounting industry, it is a much better experience for both management and the employee if there’s no guesswork to be done, he said.

This model ensures that everyone is “rowing in the same direction,” Turner said. It makes it easy for the employee to identify their key priorities, but also allows them space to excel.

Turner said it’s important to acknowledge that no employee will perform at the same level each month. Life happens. As long as the employee is reaching the “Average” performance markers, the firm will reach its goals. Turner recounted an example of a senior accountant who was dealing with problems taking care of her child. He told her that he’d rather have her perform at an average level and not feel like she’s failing as a mother.

Breaking the Stigma of “Average”

A difficult part of managing employees comes down to choosing which metrics most effectively measure their contribution to the company’s success. Which metrics do you choose, and how high should the bar be?

During this process, it’s important to consider the fact that no employee will perform the same one month compared to the next. So much is going on in their lives that one month might be average, and another might be an excellent one. Basing the “Average” guidelines where they did allowed Turner and his employees to have peace of mind that as long they reached that standard, everything would be fine. The company would get closer to its goals, and the employee has filled the responsibilities outlined in their contract. Everybody wins.

It’s important to note that these evaluation criteria strictly measure a month (or quarter’s) worth of performance. The employee is not an “Average,” “Good,” or “Excellent” person. Turner makes it a priority for his employees to understand that “Average” performance is completely fine with him. People thrived when they had that clarity.

This model also makes it easy to identify potential candidates for performance. Managers can easily pick out who has the capability to take on additional responsibilities.

Breaking the stigma of being labeled as “average” is pivotal in transforming orgnizational culture. Turner emphasizes that being “average” is not a negative assessment but a starting point for growth and developement. By clarifying that evaluations are rooted in objective critera, the methodology dispels the fear of personal judgments. This approach encourages employees to focus on their own progress rather than comparing themselves to others. By creating a stress-free atmosphere, where clear expectations are communicated and understood, organizations can enhance motivation and foster continous improvement. Employees become more engaged, knowing that being labeled “average” is simply part of a developmental journey, with ample support and opportunities for advancment. This shift in perception allows for enhanced performance and satisfaction across diverse teams, proving that clear goals and defined roles can lead to monumental success.

A Call to Action

In conclusion, Turner issues a powerful call to action for organizations to redefine their performance management systems. The time has come to shift from traditional models to ones that prioritize clarity in job expectations and strategic alignment of employee roles with corporate objectives. By adopting the “golden age” methodology, companies can unlock untapped potential within their teams, fostering an environment where every member feels valued and motivated to excel. This approach is not just a framework; it’s a transformative movement that promises to reshape the future of leadership and team dynamics across all industries.

Embrace this revolutionary approach and watch your organization thrive. Whether you’re an executive, a team leader, or an aspiring accountant, the principles of the “golden age” are your key to unlocking a brighter, more successful future. Let’s build teams that are not only efficient but truly exceptional. Together, we can pave the way for a new era of organizational excellence, where every individual is empowered to contribute to collective success.

Access Terrell’s Full Presentation (and the other 13 presentations) from GrowCon 2024

The tips shared in this article are truly the tip of the iceberg when it comes to the amount of game changing insights that presenters shared at GrowCon. Each speaker shared valuable insights for running an accounting business, from building wealth, optimizing the day-to-day processes of the business, and beyond.

Fortunately, you can access the full collection of presentations virtually for just $197. Purchase the complete list of presentations at both days of GrowCon at this link.

And remember that GrowCon 2025 will be held from May 5 to 7 at the Utah Valley Convention Center. Marriott Provo will be the host hotel for the event.

To learn more and register for this can’t miss event for owners of accounting businesses, follow this link.

The lineup of speakers will include experts in tax planning, business development, and client advisory services. Check out highlights from previous GrowCons for free here.

Looking Ahead to 2025

Thank you to all of the speakers who shared their incredible insights at GrowCon 2024 in Jacksonville, Florida. We are extremely excited for GrowCon 2025 in Provo, Utah.

To learn more about how you can start your own accounting business, improve your services, or train your employees, call Universal Accounting at 435-344-2060. Or schedule a time to discuss your future online using this calendar:

Universal Accounting Center was named the 36th fastest growing business in Utah at MountainWest Capital Network’s 30th annual Top 100 awards event. First created in 1994, the Utah 100 is MWCN’s annual list of the fastest-growing companies in the state.

This is the second consecutive year that Universal Accounting Center was named in the top 100, being honored as the 52nd fastest growing business in Utah in 2023 for its performance in 2022.

Universal Accounting Center entered its 45th year in business in 2024. Since its founding in 19179, Universal Accounting has helped thousands of professionals start their own accounting firm, earn a promotion at their job, or find their first role in the accounting industry.

MWCN unveiled the full rankings during the Utah 100 Awards Ceremony at the Grand America Hotel in Salt Lake City Wednesday. The Utah 100 Award recognizes the growth and success of businesses across the state and attracts thousands of Utah’s top industry leaders. This is Universal Accounting Center’s 9th selection to the Utah 100.

“Personally it’s hard to celebrate success and stand in the limelight but I’m honored and happy to represent the team here at UAC that makes it possible to be a catalyst for positive change in the lives of so many.  It’s nice to be recognized for our hard work,” said Roger Knecht, president Universal Accounting Center.

Utah 100 honorees are ranked according to a weighted average revenue calculation of percentage and dollar growth over a five year period through December 2022. The full list is available on MWCN’s website.

Board members also noted that companies in every sector have faced significant challenges in the past several years, including a global pandemic, geopolitical tensions, supply chain disruptions, tightening credit conditions and the looming risk of another recession. The businesses listed on the 2024 Utah 100 have continued to differentiate and grow, allowing the Beehive State to continue standing out as a leader in cultivating success, they told attendees.

Universal Accounting Center was also honored as one of the 5,000 fastest growing companies in America by Inc. 5,000. A committee of evaluators ranked Universal Accounting at No. 2,700 on the list. This is the seventh time that Universal Accounting has been ranked in the Inc. 5,000 list, including one appearance in the Inc. 500.

Since 1979, Universal Accounting Center has helped accounting professionals achieve success in their career through its training and mentorship programs. Whether you’re looking to get a promotion, start your own accounting business, or build up your accounting firm to become the premier provider in your area, Universal Accounting Center has your perfect solution.

The self-paced, online video courses are designed to give accounting professionals all the tools they need to start a successful accounting business, from certifications to verify their skills to marketing and beyond. It’s as simple as turning a key with Universal Accounting’s training materials and coaching programs.

Call 435-344-2060 to learn how you could start an accounting business and start earning revenue in as little as 90 days. We want to help you achieve your lifestyle and income goals. You can also schedule a time to discuss your future with Universal’s team of experts when it’s most convenient for you HERE:

What if we told you that you could be mortgage-free in just three to five years?

Adam Carroll, chief education officer of The Shred Method, laid out a plan for achieving exactly that during his presentation at GrowCon 2024. It all comes down to changing habits, Carroll said.

“What if you could shift your cash flow just a bit, change your habits just microscopically, and begin to create real wealth outside of your business as well as inside?” Carroll asked the audience. “Nearly everyone could be mortgage free in just a few years, but it’s not necessarily to be debt free.”

Carroll discussed strategies for building wealth outside of the business at GrowCon 2024, the premier event for owners of bookkeeping, tax preparation, and advisory businesses. The 2024 edition of GrowCon was held at the South Bank Hotel in Jacksonville, Florida, on May 6 and 7.

The goal of GrowCon is to connect and celebrate accounting professionals, arm them with strategies to elevate their business, and set a course for a successful year at the business after the dust has settled on tax season. Early bird pricing for tickets to GrowCon 2025, to be held in Provo, Utah from May 5-7, 2025, are available online.

“I want you to get at least 1, maybe 2 ideas out of what I’m going to share with you today so that you can take it back and apply it to your life, your clients’ lives, your family and friends’ lives, and make their lives better,” Carroll said.

Here are some of the can’t miss strategies that Carroll shared in his presentation. If you’d like to listen to Carroll’s presentation, as well as 13 other presentations from GrowCon, you can purchase virtual recordings here.

Wealth Creation and Habits

As much as we like to think about financial problems as something that can be solved with advice, long term changes are only viable by fundamentally changing our habits, Carroll said.

Habits play a crucial role in our daily lives, he noted, and it’s no different when it comes to money. We develop certain habits with our paycheck each month: the government takes our taxes and we drop it into our checking account. We then pay our bills and use whatever is left over to spend on hobbies (in Carroll’s case, kayaking.)

To build wealth and assure our financial future, we have to shift our mindset from the present pleasures we enjoy toward what’s coming next. As business owners, it can be especially easy to just focus on the business as your main asset and not worry about what’s coming next. We’ll worry about all of that when we sell the business, right? That can be a dangerous pitfall, Carroll said.

“My challenge is that I have worked with business owners galore who believe they’re gonna sell their business, but they get to the end of their work life and there’s no one there to buy it from them,” he told the audience.

We all have four choices when our paycheck hits, Carroll said: 1. Pay for their expenses, 2. Eliminate debt, 3. Build wealth, or 4. “frolic” with it. People tend to only do options 1 and 4 because they’re habitual. But breaking that habit, and dedicating your money to outrunning your interest payments, is a much more beneficial financial strategy in the long term.

Carroll warned that “if you’re not selling the business, then you’re buying it.” Improving the value of your business comes with significant investments of time and income, so even if the asset is completely the property of the business owner, if the goal of the business isn’t to sell the business, it can weigh heavily on the entrepreneur.

The Liquidity Problem

Carroll said that most business owners who are struggling to build wealth don’t have an income problem, they have a liquidity problem. The solution, Carroll said, doesn’t require you to drastically change how you live your life.

One of the biggest contributors to the liquidity problem is debt, and specifically a mortgage. Carroll noted that that mortgages and interest rates are based on what the bank thinks the lender can afford to pay over the course of 30 years. The bank’s model for paying off a mortgage requires the homeowner to pay an exorbitant amount of interest over the life of the loan. The first 10 years of the mortgage payments are almost exclusively paying for the interest.

But you can skip months of payments (on a mortgage for example) by saving for awhile and then paying in a lump sum.

“We’re prepaying all that principal on the mortgage,” Carroll said.

Everyone could be out of debt within 3 to 7 years, Carroll said. However, because most homeowners don’t start paying the principal portion of the mortgage until the last 10 years of the loan, they have no liquidity to build wealth and pay down that interest. Moving before the loan is completed, or refinancing, sets that clock back.

As we mentioned before, when most people have extra money in their checking account, they are happy and want to spend that money on hobbies. Instead, Carroll recommends putting your income into a “Shred Account.” Everything that is left over in that account after the mortgage, car, and other debts are paid, is used to blast debt down. Carroll emphasized the power of paying off debt quickly and broke down several strategies for reducing debt quickly. Here are the four steps of the SHRED method:

1. Paying Expenses
2. Eliminating Debt
3. Building Wealth
4. Enjoyment

Key Components of the SHRED Method

Carroll recommends opening a Home Equity Line of Credit (HELOC) on the home as a “shred account”. The goal of the shred account is to build a large lump sum quickly to use to pay down high interest debts. It’s a simple interest vehicle, meaning the interest is calculated daily. So if a person borrows from their line of credit on the HELOC (which should be about 150% of their monthly net income), it allows them to pay more of their mortgage down, saving tens and even hundreds of thousands of dollars in interest.

“What most people will have is a significant amount of equity locked up in their home that they don’t have access to because they’re not using a HELOC in the most, strategic structural way,” he said.

Here are Carroll’s key suggestions to ensure the success of the SHRED Method:

1. Early Lump Sum Payments: Accelerate your mortgage payoff, potentially within 3 to 7 years.
2. HELOC Optimization: Use a Home Equity Line of Credit to maximize financial benefits.
3. Mortgage Recasting: Reduce monthly payments without refinancing, freeing up cash flow for investment.
4. Overfunded Cash Value Life Insurance Policies: Invest in these policies to emphasize liquidity and financial freedom within 3 to 10 years.

To learn more about the SHRED Method and to sign up, visit Carroll’s website.

Access Caroll’s Full Presentation (and the other 13 presentations) from GrowCon 2024

The tips shared in this article are truly the tip of the iceberg when it comes to the amount of game changing insights that presenters shared at GrowCon 2024. Each speaker shared valuable insights for running an accounting business, from building wealth, optimizing the day-to-day processes of the business, and beyond.

Fortunately, you can access the full collection of presentations virtually for just $197. Purchase the complete list of presentations at both days of GrowCon at this link.

And remember that GrowCon 2025 will be held from May 5 to 7 at the Utah Valley Convention Center. Marriott Provo will be the host hotel for the event.

To learn more and register for this can’t miss event for owners of accounting businesses, follow this link.

The lineup of speakers will include experts in tax planning, business development, and client advisory services. Check out highlights from previous GrowCons for free here.

Looking Ahead to 2025

Thank you to all of the speakers who shared their incredible insights at GrowCon 2024 in Jacksonville, Florida. We are extremely excited for GrowCon 2025 in Provo, Utah.

To learn more about how you can start your own accounting business, improve your services, or train your employees, call Universal Accounting at 435-344-2060. Or schedule a time to discuss your future online using this calendar: